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deficit will be under $1 trillion for the first time since president obama took office. the c.b.o. also estimates the economy will grow 1.4% this year with unemployment remaining around 8%. c.b.o. director sat down with reporters this afternoon to discuss the economic and budget forecast. >> hello. thank you all for coming. i'm the director of the budget office. c.b.o. just released its outlook for the federal budget and the economy over the next decade. i'd like to tell you a little bit about if and then my colleagues and i will be happy to take your questions. our analysis shows that the united states continues to face very large economic and budget challenges. under current law we expect that the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row with unemployment so high. the longest such period in 70 years. also under current law, we expect the budget deficits over the next decade would total about $7 trillion. with deficits so high, the federal debt held by the public would remain a larger percentage of g.d.p. as in any year be
the real question here is, how do we reduce our deficits in a way that does not hurt the economy right now, but does make sure that as the economy improves that public spending is not -- and deficit spending is not squeeze the out by private investment. for the last couple years the problem has been opposite. we have seen less private investment, so the moneys the federal government has spent have been very important to helping the economy from going into free fall. . there is no doubt that we have to deal with the balanced approach and that's where the debate lies in how we should do that. again, our republican colleagues have said no to the balanced approach. they said no to the plan that we offered to prevent the sequester. they wouldn't allow a vote on the plan we offered to prevent the sequester that's going to hit on march 1 and which our republican colleagues in statement after statement on this floor have said is going to hurt the economy and which we know from the last quarter's economic report is already hurting the economy just because businesses are anticipating the possibility
of the administration, the deficit tripled, the previous record high deficit in this country, to $1.4 trillion. $1.3 trillion in f.y. 2010. $1.3 trillion in 2011, $1.2 trillion in f.y. 2012. and, mr. speaker, there's no plan that the administration has produced to get us from where we are, fiscal irresponsibility, to a point in the future of fiscal responsibility. mr. speaker, we've been doing our part here in the house, we've been proud to work together across the aisle in order to pass budgets that tackle those hard challenges that are ahead of us. if you go and read the president's comments, mr. speaker, you'll see that he recognized the challenges are hard. the question is, are we going to deal with those or not? i hold here, mr. speaker, a speech that the president made to the democratic national convention on september 6, 2012. where he said this, i will use the money that we're no longer spending on war to pay down our debt and put more people back to work. and my notes here said it was followed by extended cheers and applause. i suspect my friend from massachusetts supports that spirit who
's different? we have seen an enormous increase in the u.s. trade deficit, especially with countries like china. today, they happened to release a report that looked at the effect of currency manipulation, perhaps the single most important factor and explain the growth of our trade deficit. eliminating the trade deficit or eliminating currency manipulation could reduce the trade as a by roughly $190-$490 billion. doing this would increase manufacturing employment by up to 1 million jobs. that's a big downpayments in the whole we have created in manufacturing and employment. one thing we need to do is create demand. that is what we did do but we did not do that in the last decade. we need to shift the demand to domestic produced goods resulting in the hiring of domestic workers. manufacturing jobs are amongst the best for workers especially for those without a college degree. high wages, good benefits. >> bruce, you worked in washington, d.c., and brookings is right off dupont. >> i am mostly on a plane. >> industrial policy is a dirty word. if you go to any other domestic place, it will land yo
to lower the devers, but americans do not -- to lower the deficit, but americans do not support sacrificing real spenged cuts for more tax hikes. the president's sequester should be replaced with spending cuts and reforms that put us on a path to balance a budget over the next 10 years. the american people believe that the tax question has been settled. they know the president called for a balanced approach to the debt. combination of revenues and spending cuts, and they know he's gotten his revenue. the american people do not believe the president will use further tax revenues to lower the debt. and haven't seen this president attempt to spend his way into prosperity over the last four years, they know he'll spend it. the president doesn't believe we have a spending problem. he general winly believes the government -- genuinely believes the government spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. the unemployment rate is still nearly 8% and rising. small businesses like the one i ran are struggling. middle class families, those
the deficit. all by honoring the wish of 2/3 of americans to respect states' rights for marijuana just like we do for alcohol. i would invite my colleagues to join this effort in developing a marijuana policy that makes sense for america today. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from north carolina, mr. coble, for five minutes. mr. coble: i thank the speaker. mr. speaker, january is the traditional month in which new year's resolutions are developed. i'm suggesting that president obama and mrs. boim adopt a resolution -- mrs. obama adopt a resolution. it appears to me, mr. speaker, regard air force one very casually and i believe on some occasions two planes, at least two planes go to the same destination. air force one, mr. speaker, belongs to president and mrs. obama. but air force one also belongs to the american taxpayer. and i would welcome a new year's resolution that would provide generous lace of all future air force one dispatches with prudence, discipline and last but certainly not least fiscal austerity. america's taxpayers will be
and deficit issues that face our kids and grandkids. a lot of lip service is being paid. i'm concerned we're talking about just us. what middle-class life will they have unless we stepup and do the right things. and it to me it is very -- actually, i actually campaigned on a suicide mission to reform medicare and the tax reform. every town hall camaraderie, chamber meeting, senior meetings i would talk about those two things in those two things only, guaranteed political suicide. i'm still here. we can do this. [applause] >> congressman. >> in answer to that question about what it will take to get washington to deal with the fiscal challenge facing this country, i was in a meeting in december of 2011 at the home of senator mark warner, a democrat, and alan greenspan was there and he said something that really struck me very hard. he said to you know, reuter you guys in congress going to do something big on this fiscal challenge? are you going to do it before or after the bond market crash is? and it will crash. he is not known for hyperbole, and it struck me that the former chair of the f
there are members here that agree, you got to address the larger deficit issue and to address a large deficit issue and my own experience having participated in every budget summit that we've had in past years, you got to be able to develop a balanced package in order to do that. that's just the nature of dealing with the size deficit -- size of deficits that you got. my preference, frankly, is that the congress would do the big deal, get it done, get this behind us, detrigger sequester, some this constant uncertainty, this month-to-month situation where we don't know what the hell we're going to get. that should end. in the absence of that deal, obviously i'll support whatever package you can put together to try to detrigger sequester. whatever you can do to make sure this doesn't happen. i mean, i cannot imagine that people would stand by and deliberately hurt this country in terms of our national defense by letting this take place. >> i'll only add briefly that most of the things we're doing are reversible. that is our goal, that they would be reversible. even if you reverse them it will take so
, yes, deficits and taxes and sequesters and potential government shutdowns, debt ceiling, we'll talk about that stuff. but we'll talk about it from the perspective on how we're making sure someone works hard in this country. a cop, teacher, a construction worker, or a reception worker, they can make it if they work hard. their kids can make it and dream bigger dreams than they have achieved. obviously, a lot of what we'll be working on over the next few weeks is going to be on how do we deal with this sequester issue. i want to make this quick point. i had a press conference this week in which i reiterated that i'm prepared, eager, and ang shouse that ends this government by crisis that every two week or every two months or every six months we are threatening this hard recovery, are finally housing is picking up and real estate is doing better and unemployment numbers are still too high. we're geing job growth and manufacturing is doing well and we continue to have these self-inflicted crisis here in washington where suddenly someone taps the brakes. what i said this week was i want
and deficit debate is harmful to the business environment now? >> the uncertainty is back. the amount of -- the uncertainty is bad. you go from the fiscal cliff to the deficit debate to sequestration. that is inherently disruptive to business investment. certainty is a good multiplier. we are these long cycle businesses that have global competition. i do not have the lecture he to say that i will quit investing for six months until this is reserved. -- resolved. i will keep going. the people who can hurt the worst by all of this are the small and medium businesses. the people that have no buffer. that get confused. these are the people that are the heart of the u.s. economy. they are the ones that are constantly being bombarded as we go from one to another. this can only be solved here. this is one of the few cases where the business roundtable of people speak with one voice. it would be great to get a resolution. >> there is a divide in the corporate side on the corporate tax front. large companies would benefit more from corporate tax reform, especially going to a territorial system
, what is the surest way to create a more hopeful world for our children, how we will reduce our deficit, what kinds of tax plans will have, how we will make sure every child is getting a good every child, it is encouraging to me that you turned out so well by your mom not letting you watch tv. i am going to tell my daughters that when they complain. [laughter] in the midst of all these debates, we must keep that same humility that dr. king and lincoln, washington and all our great leaders, understood, is at the core of true leadership. a democracy as big and as diverse as ours, we will encounter every opinion, and our task as citizens, whether we are leaders in government or business or spreading the word, it is to spend our days with open hearts and open minds, to seek out the truth that exists in the opposing view, and find a common ground that allows for us as a nation, as a people to take real and meaningful action, tnd we have to do that, humbly, and we have to do it every day, not just at a prayer breakfast. i have to say this is now our fifth prayer breakfast, and it is always ju
and the sooner we solve our spending problem, the >> if the budget fails to alleviate the deficit, he will submit plans for how balanced budget ultimately is reached. today, the house returns for debate at 5:00 eastern on c- span. center rakowski called for expanded oil and gas drilling. she is a top republican on the senate energy committee. she wants to use some of the money for clean energy. how >> i am the only one up here and i don't have any charts, but i have a buck. the book you have all been waiting for, we have been talking about it for a year now. thank you for the opportunity to talk a little bit about what we have been doing on the energy committee on the republican side for the past year. it is an effort to focus on energy policy and move forward in no way that is not the same old same old, but really real imagining and refocusing where we could be. it has been an important opportunity for us to really put some considered thought into this proposal. what you have in front of you is better than airplane reading. there are concrete proposals and them. there are results in this energy
Search Results 0 to 11 of about 12